The company maintains a debt-to-equity ratio of 2.00, which, when paired with a low cash balance of $749,000, suggests a precarious financial structure with limited flexibility.
| Total Current Assets | 49.08M | 43.18M | 31.65M | 43.18M |
| Cash & Short-Term Investments | 749K | 1.61M | 1.26M | 1.61M |
| Cash Only | 749K | 1.61M | 1.26M | 1.61M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 48.12M | 41.33M | 26.39M | 41.32M |
| Days Sales Outstanding | 330.12 | 237.72 | 176.78 | 237.67 |
| Inventory | 0 | 233K | 0 | 233K |
| Days Inventory Outstanding | - | 1.44 | - | 1.44 |
| Other Current Assets | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 766K | 459K | 647K | 459K |
| Property, Plant & Equipment | 578K | 31K | 78K | 31K |
| Fixed Asset Turnover | 92.05x | 2047.19x | 698.63x | 2047.19x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 |
| Total Assets | 49.84M | 43.64M | 32.3M | 43.64M |
| Asset Turnover | 1.07x | 1.45x | 1.69x | 1.45x |
| Asset Growth % | 14.23% | 35.1% | -25.98% | - |
| Total Current Liabilities | 15.94M | 38.01M | 28.45M | 38.01M |
| Accounts Payable | 10.35M | 6.49M | 5.13M | 6.49M |
| Days Payables Outstanding | 76.64 | 40.14 | 36.23 | 40.14 |
| Short-Term Debt | 2.12M | 24.46M | 16.84M | 24.46M |
| Deferred Revenue (Current) | 630K | 3.67M | 3.73M | 3.67M |
| Other Current Liabilities | 0 | 0 | -114.86K | 0 |
| Current Ratio | 3.08x | 1.14x | 1.11x | 1.14x |
| Quick Ratio | 3.08x | 1.13x | 1.11x | 1.13x |
| Cash Conversion Cycle | - | 199.02 | - | 198.97 |
| Total Non-Current Liabilities | 21.76M | 0 | 18K | 0 |
| Long-Term Debt | 21.57M | 0 | 0 | 0 |
| Capital Lease Obligations | 193K | 0 | 18K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Total Liabilities | 37.7M | 38.01M | 28.47M | 38.01M |
| Total Debt | 24.25M | 24.48M | 16.91M | 24.48M |
| Net Debt | 23.5M | 22.86M | 15.66M | 22.86M |
| Debt / Equity | 2.00x | 4.35x | 4.41x | 4.35x |
| Debt / EBITDA | 14.33x | 10.95x | 7.68x | 10.95x |
| Net Debt / EBITDA | 13.89x | 10.23x | 7.11x | 10.23x |
| Interest Coverage | 3.07x | 6.93x | 13.02x | 6.93x |
| Total Equity | 12.14M | 5.63M | 3.83M | 5.63M |
| Equity Growth % | 115.69% | 46.89% | -31.92% | - |
| Book Value per Share | 1.08 | 0.43 | 0.29 | 0.43 |
| Total Shareholders' Equity | 12.14M | 5.63M | 3.83M | 5.63M |
| Common Stock | 1K | 1K | 1K | 1K |
| Retained Earnings | 6.5M | 5.6M | 3.83M | 5.6M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 73K | 29K | 1K | 29K |
| Minority Interest | 0 | 0 | 0 | 0 |
Liquidity and project concentration
As reported in recent financial filings, ONEG's equity base has fluctuated significantly, reaching $12.1M in 2025Q4, while the company's reliance on debt to fund operations suggests a weakening financial trajectory that warrants close monitoring by investors concerned with the firm's long-term solvency and capital stability.
The volatility in equity levels indicates that the company is struggling to retain earnings, likely due to the thin margins inherent in its project-based model. This instability suggests that the balance sheet is not currently positioned to absorb significant operational shocks or prolonged project delays.
Based on the latest quarterly data, ONEG's debt-to-equity ratio of 2.00 in 2025Q4 highlights a reliance on external financing that appears disproportionate given the company's thin net margins and the inherent cyclicality of the Hong Kong construction sector, potentially limiting future financial flexibility for the firm.
While a 2.00 D/E ratio might be manageable in a stable industry, it presents a heightened risk for a subcontractor with such narrow profitability. Investors should consider whether this leverage is being used to bridge working capital gaps, which may indicate a structural reliance on debt to sustain basic operations.
According to the provided balance sheet figures, ONEG maintains a cash balance of only $749,000 against $49.8M in total assets, a ratio that suggests extremely limited liquidity and a potential inability to fund the upfront costs required for new, large-scale infrastructure tenders in the current market.
The current ratio of 3.08 may appear superficially healthy, but it likely masks a significant concentration of illiquid contract assets that are difficult to convert into cash. This liquidity profile leaves the company highly vulnerable to any disruption in the timing of client payments or project certifications.
As indicated by the financial statements, the absence of goodwill and minimal PPE of $578,000 suggest that ONEG's asset base is heavily weighted toward receivables and contract assets, which may be subject to significant impairment risk if project disputes or collection delays occur in the future.
The lack of tangible, productive assets implies that the company's value is almost entirely tied to the successful execution and collection of its current project pipeline. This concentration makes the balance sheet highly sensitive to the creditworthiness of its clients and the regulatory environment in Hong Kong.
Quick answers to the most common questions about buying ONEG stock.
As of 2025, OneConstruction Group Limited (ONEG) had total assets of $49.8M including $49.1M in current assets.
OneConstruction Group Limited (ONEG) carries total debt of $24.3M, offset by $0.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
OneConstruction Group Limited (ONEG) has total shareholders' equity (book value) of $12.1M ($1.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
OneConstruction Group Limited (ONEG) reported a current ratio of 3.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.